Dated 28/03/2019
Soya Oil Indore- Last Close-: 755 : Correction before a rally is likely
The view mentioned in last update remains the same.
As long as 730 is immediately not violated the momentum bias to move higher towards 895.
Upside momentum will be seen if sustains above 785.
A reaction down after testing 785 was witnessed in last fortnight therefore it looks that correction to 730 or below could be seen in near term.
Correction can continue below 730.
On fall and close below 730 expect fall towards retracement levels.
Retracement levels of the rise from 605 to 782 are placed at 715-693-673.
Retracement levels could be tested before moving higher unless immediate rise above 790 is witnessed.
Conclusion
Correction for near term before a rally is likely.